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Texas Oilfield Co. Settles SEC Suit Over $12M Ponzi Scheme

By Alex Wolf (July 28, 2016, 6:56 PM EDT) -- A Texas oilfield equipment vendor and its owner consented Wednesday to a civil judgment in response to a U.S. Securities and Exchange Commission complaint alleging that they carried out a Ponzi scheme that defrauded investors of more than $12 million using false promises that reselling used equipment would produce large profits....

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